What Businesses Should Be Concentrating On Right Now with Their Accounts & Financials - Chapmans Business Solutions

Running a business in today’s climate isn’t easy. With rising costs, shifting customer behaviours and constant changes in legislation, keeping on top of your finances has never been more important. AtChapmans Business Solutions, we support businesses across Lincolnshire in staying organised, compliant and financially resilient.

Here are the top areas businesses should be focusing on with their accounts and financials right now:

1. Cashflow Management

Cash is the lifeblood of any business. Even profitable companies can run into trouble if they don’t have healthy cashflow.

Review payment terms with customers and suppliers
Chase outstanding invoices promptly
Forecast your cashflow to identify potential shortfalls early.

2. Keeping Up with Compliance

Tax rules and legislation are constantly evolving. Missing deadlines or failing to stay compliant can be costly.

Stay up to date with HMRC changes, including Making Tax Digital
Keep accurate, timely records
Ensure VAT, PAYE, and corporation tax filings are correct and submitted on time.

3. Controlling Costs

With rising wages, energy bills, and supplier costs, businesses must scrutinise their spending.

Review overheads and look for efficiencies
Negotiate with suppliers where possible
Cut unnecessary expenses without compromising service quality.

4. Budgeting & Forecasting

A clear financial plan helps you prepare for challenges and seize opportunities.

Set realistic budgets based on current conditions
Revisit forecasts regularly to reflect changes in the market
Use your data to make informed business decisions.

5. Maximising Profitability

It’s not just about cutting costs, it’s about making every sale more profitable.

Review pricing strategies to reflect rising costs
Identify your most profitable products or services
Focus on customer retention as much as acquisition.

6. Using Technology Effectively

Cloud-based accounting software can save time, improve accuracy and give you real-time insights into your business.

Automate invoicing and expense tracking
Use dashboards to monitor performance
Integrate systems to reduce admin and errors.

invest in technology — Cloud computing technology and online data storage for business network concept. Computer connects to internet server service for cloud data transfer presented in 3D futuristic graphic interface.

7. Seeking Expert Advice

You don’t have to manage it all alone. Working with an experienced accountant or business advisor helps you:

Spot opportunities for tax savings
Navigate financial challenges
Free up your time to focus on running and growing your business.

Final Thoughts

In uncertain times, strong financial management is more important than ever. By keeping on top of cashflow, compliance and costs, while planning ahead with smart budgeting and the right tools, your business will be better placed to thrive.

At Chapmans Business Solutions, we’re here to help businesses across Lincolnshire take control of their accounts and achieve financial peace of mind.

📞 Get in touch with us today to see how we can support your business 01775 529345 or drop us a line at office@cbsltd.org to have a chat about how we can help you.